豐田汽車 (TM) 2022 Q4 法說會逐字稿

[Interpreted] Thank you very much for joining us today despite your occupied schedule. We would like to start the Toyota Motor Corporation's financial results announcement for the period ending in March 2022. First of all, let me introduce to you the members present for this briefing. Executive Vice President, Chief Financial Officer, Kenta Kon; Executive Vice President, Chief Technology Officer, Masahiko Maeda; Chief Communication Officer, Jun Nagata; and Accounting Group Chief Officer, Masahiro Yamamoto. Now ladies and gentlemen, first of all, Yamamoto will share with you the overview of the financial results.

[翻譯] 非常感謝您今天在忙碌的日程中加入我們。我們想開始豐田汽車公司截至2022年3月的財務業績公告。首先，讓我向大家介紹一下出席本次簡報會的成員。執行副總裁兼首席財務官 Kenta Kon；執行副總裁、首席技術官前田正彥；首席通信官，Jun Nagata；和會計集團首席執行官山本雅弘。現在女士們，先生們，首先，山本將與您分享財務業績的概況。

[Interpreted] Hello, everyone. Thank you for joining us today. I am Masahiro Yamamoto. We express our heart filled appreciation to our customers around the world who chose us as well as our shareholders, dealers and suppliers who support us. We would like to express our sincerest gratitude to all the stakeholders. I sincerely apologize for the inconvenience caused to our customers due to the recent production volume reductions. We will work hard to deliver our product as soon as possible.

[翻譯]大家好。感謝您今天加入我們。我是山本雅弘。我們衷心感謝選擇我們的全球客戶以及支持我們的股東、經銷商和供應商。我們要向所有利益相關者表示最誠摯的謝意。因近期減產給客戶帶來的不便，我深表歉意。我們將努力盡快交付我們的產品。

First, let me explain the summary of our performances for the fiscal year ended March 2022. Under the production constraint due to the spread of COVID-19 and semiconductor shortages, dealers, suppliers and production sites have all worked tirelessly in order to deliver as many cars as possible to customers despite soaring materials prices and increase in expenses for the investment in new business fields.

首先，讓我解釋一下我們截至 2022 年 3 月的財政年度的業績總結。由於 COVID-19 的蔓延和半導體短缺，在生產限制下，經銷商、供應商和生產基地都不知疲倦地工作，以交付盡可能多的產品。儘管材料價格飛漲，新業務領域的投資費用增加，但仍盡可能為客戶提供汽車。

We achieved growth in revenue and profits, thanks to cost reduction and marketing efforts. This is attributable to the improvement of our revenue structure, which we have been working on for a long time towards one that is not dependent on foreign exchange rate and volumes.

由於成本降低和營銷努力，我們實現了收入和利潤的增長。這歸因於我們收入結構的改善，我們長期以來一直致力於實現不依賴於外匯匯率和數量的收入結構。

As for the forecast, we have set our production volume assumption to an appropriate level, having safety and security as our top priority. We expect a decrease in our operating income due to precedented increases in materials and logistics costs. However, we'll continue with our future investments and promote our various activities. As for the shareholder returns, the year-end dividend is JPY 25 per share (sic) [JPY 28 per share] and maintain a steady increase. Share purchases will be up to JPY 200 billion, including JPY 100 billion set aside to enable more flexible share repurchases than before while considering share price levels.

至於預測，我們已將產量假設設定在適當的水平，並將安全和保障作為我們的首要任務。由於材料和物流成本的先例增加，我們預計我們的營業收入將減少。但是，我們將繼續我們的未來投資並促進我們的各種活動。股東回報方面，年終分紅為每股25日元（原文如此）[每股28日元]，並保持穩步增長。股票購買金額將高達 2,000 億日元，其中包括預留 1,000 億日元以便在考慮股價水平的同時實現比以前更靈活的股票回購。

Let me explain our performance for the fiscal year ended March 2022 consolidated vehicles sales after the period -- for the period was 8.23 million units, which was 107.6% of the consolidated vehicle sales for the same period of the previous fiscal year. Toyota and Lexus brand vehicle sales was 9.512 million units, 104.7% of the same sales of the same period of the previous year. The ratio of electrified vehicles was 28.4%. The consolidated financial results for this fiscal year were: sales revenue JPY 31.3795 trillion, operating income JPY 2.9956 trillion; income before income taxes, JPY 3.9905 trillion and net income of JPY 2.8501 trillion.

讓我解釋一下我們截至 2022 年 3 月的財年綜合汽車銷量的表現——該期間為 823 萬輛，佔上一財年同期綜合汽車銷量的 107.6%。豐田和雷克薩斯品牌汽車銷量951.2萬輛，同比增長104.7%。電動汽車比例為28.4%。本財年合併財務業績為：銷售收入313795億日元，營業收入29956億日元；所得稅前收入為 39905 億日元，淨收入為 28501 億日元。

I would like to explain the factors that impacted operating income year-on-year. First, the effects of foreign exchange rates increased operating income by JPY 610 billion. Second, cost reduction efforts decreased operating income by a net of JPY 360 billion. This consisted of JPY 280 billion increase due to cost reduction efforts and JPY 640 billion decrease due to the impact of soaring material prices. Third, marketing efforts increased operating income by JPY 860 billion, largely due to the increase in sales volume and improved earnings in the Financial Services business.

我想解釋一下影響營業收入同比的因素。首先，受匯率影響，營業收入增加了 6100 億日元。其次，削減成本的努力使營業收入淨減少了 3600 億日元。其中包括因削減成本而增加的 2,800 億日元和因材料價格飛漲的影響而減少的 6,400 億日元。第三，營銷活動使營業收入增加了 8600 億日元，這主要是由於銷售量的增加和金融服務業務的收益改善。

Finally, an increase in expenses decreased operating income by JPY 220 billion. As a result, excluding the overall impact of foreign exchange rates and stock valuation gains and losses and other factors, operating income increased by JPY 280 billion year-on-year. As shown here, the operating income for each region increased year-on-year in all regions. This is largely due to the impact of foreign exchange rates, cost reduction and marketing efforts. Next, let me explain your business in China as well as the Financial Services business. As for our business in China, both the operating income of consolidated subsidiaries as well as our share of profit of equity method affiliates increased mainly due to the impact of foreign exchange and marketing efforts.

最後，費用的增加使營業收入減少了 2200 億日元。因此，剔除匯率和股票估值損益等因素的綜合影響，營業收入同比增加2800億日元。如此處所示，各地區的營業收入在所有地區均同比增長。這主要是由於外匯匯率、成本降低和營銷努力的影響。接下來，讓我解釋一下您在中國的業務以及金融服務業務。就我們在中國的業務而言，合併子公司的營業收入和權益法關聯公司的利潤份額均有所增加，主要是受外彙和營銷力度的影響。

Regarding the Financial Services business, operating income, excluding stock valuation gains and losses for the fiscal year increased year-on-year, largely due to the increase in the lending balance and margins. Next, let me explain the return to shareholders. We plan to make a year-end dividend of JPY 28 per share. We'll continue to aim to pay stable and sustainable dividends while maintaining and improving upon our consolidated dividend pay-out ratio in the medium to long term in order to reward shareholders who hold their shares over the medium to long term.

金融服務業務方面，本財年營業收入（不包括股票估值損益）同比增加，主要是由於貸款餘額和利潤率的增加。接下來，讓我解釋一下對股東的回報。我們計劃派發每股 28 日元的年終股息。我們將繼續以派發穩定和可持續的股息為目標，同時在中長期維持和改善我們的綜合股息支付率，以回報中長期持有股份的股東。

As for share repurchases, we set the maximum limit to JPY 200 billion, including JPY 100 billion set aside to enable more flexible share repurchase than before while considering share price levels. Aiming at enhancing capital efficiency, we plan to implement share repurchases in a flexible manner taking into account various factors including investment in growth, dividend levels, (inaudible) and share price levels.

至於股票回購，我們將最高限額設定為 2,000 億日元，其中預留 1,000 億日元，以便在考慮股價水平的同時比以前更靈活地進行股票回購。為提高資本效率，我們計劃以靈活的方式實施股票回購，同時考慮各種因素，包括增長投資、股息水平、（聽不清）和股價水平。

Next, I will explain the forecast for the fiscal year ending March 31, 2023. Consolidated vehicle sales is expected to be [8.850 million] units, which is 107.5% of the previous fiscal year in sales expected in all regions. As for Toyota and Lexus brand vehicle sales, it is expected to be [9.900 million] units, which is 104.1% of the previous fiscal year.

接下來，我將解釋對截至 2023 年 3 月 31 日的財政年度的預測。預計綜合汽車銷量為 [885.0 萬輛]，是上一財政年度所有地區預計銷量的 107.5%。至於豐田和雷克薩斯品牌汽車銷量，預計為[990萬]輛，是上一財年的104.1%。

As for electrified vehicles by improving our product lineup to better meet customers' needs in each region. Sales are expected to be [3.070 million] units, which is 113.6% of the previous fiscal year. We expect that the ratio of electrified vehicles will amount to 31.0% of vehicles sold. Towards carbon neutrality, we will continue to make efforts to provide a wide range of options to meet the needs of each region, and hence be selected by customers in those regions.

在電動汽車方面，通過完善我們的產品陣容，更好地滿足各地區客戶的需求。預計銷售額為[307.0萬]台，是上一財年的113.6%。我們預計電動汽車的比例將達到銷售汽車的 31.0%。為實現碳中和，我們將繼續努力提供廣泛的選擇，以滿足每個地區的需求，從而成為這些地區客戶的選擇。

Next, let me explain the forecast for the full year consolidated financial performance. We have adopted ForEX rate assumptions of JPY 115 per U.S. dollar and JPY 130 per euro. Based on this, our forecast for the full year consolidated financial performance, our sales revenues JPY 33 trillion; operating income JPY 2.400 trillion; income before income taxes, JPY 3.130 trillion; and net income of JPY 2.260 trillion.

接下來，讓我解釋一下對全年合併財務業績的預測。我們採用了 115 日元兌美元和 130 日元兌歐元的外匯匯率假設。基於此，我們對全年合併財務業績的預測，我們的銷售收入為 33 萬億日元；營業收入2.400萬億日元；所得稅前收入，3.130萬億日元；淨收入2.260萬億日元。

Next, I would like to explain the factors that impacted operating income. First, the effect of foreign exchange rates are expected to increase operating income by JPY 195 billion. Second, cost reduction efforts are expected to increase profits by JPY 300 billion. While the impact of a sharp increase in materials cost is expected to be JPY 1.450 trillion, resulting in a total decrease of JPY 1.150 trillion.

接下來，我想解釋一下影響營業收入的因素。首先，受匯率影響，營業收入有望增加1950億日元。其次，通過削減成本的努力，預計利潤將增加 3,000 億日元。而材料成本大幅上漲的影響預計為1.450萬億日元，總計減少1.150萬億日元。

Marketing efforts are expected to increase operating income by JPY 850 billion, largely due to the increase in sales volume. Finally, an increase in expenses is expected to decrease operating income by JPY 440 billion. Although we continue to face difficult business environment, we will continue to further improve our profit structure and accelerate our efforts to transform into future mobility society.

營銷活動預計將使營業收入增加 8500 億日元，這主要是由於銷量的增加。最後，預計費用的增加將使營業收入減少 4400 億日元。儘管我們繼續面臨艱難的經營環境，但我們將繼續進一步改善我們的利潤結構，加快向未來移動社會轉型的步伐。

This concludes my presentation on the financial results.

我對財務結果的介紹到此結束。

[Interpreted] Next EVP, Kenta Kon, will talk about changes in profit structure.

【解讀】下一任執行副總裁Kenta Kon 將談論利潤結構的變化。

[Interpreted] I'm Kenta Kon. Although the results for the fiscal year ended March 31, 2022, are for a single fiscal year, they represent accumulation of improvement so far in our profit structure. So I would like to add a few words from that perspective. These graphs compare the change in our operating income in the year of the 2009 global financial crisis and the COVID-19 last year, in each case compared to the previous year.

[解釋]我是Kenta Kon。儘管截至 2022 年 3 月 31 日的財政年度的結果是單一財政年度的，但它們代表了迄今為止我們利潤結構的改善積累。所以我想從這個角度補充幾句話。這些圖表比較了我們在 2009 年全球金融危機和去年 COVID-19 期間的營業收入變化，在每種情況下與上一年相比。

In both cases, sales volume decreased by 15% compared to the previous year. But at the same time -- but at the time of the global financial crisis, profits decreased significantly pushing Toyota into the red, while in the fiscal year ended March 2021, we were able to secure a profit.

在這兩種情況下，銷量都比上一年下降了 15%。但與此同時——但在全球金融危機期間，利潤大幅下降，使豐田陷入虧損，而在截至 2021 年 3 月的財政年度，我們能夠獲得利潤。

This shows a breakeven volume for the fiscal year ended March 31, 2009 onward. If you assign our breakeven volume at the time of the global financial crisis, the value of 100, we have lowered our breakeven volume most recently to the 60 to 70 range, demonstrating that we have made significant progress in improving our condition over the past 13 years. This is not something that could be done overnight. Immediately after the global financial crisis, we had to put the brakes on all of our R&D expenditures and capital investments. We could not do any investments in the future.

這顯示了截至 2009 年 3 月 31 日的財政年度的盈虧平衡量。如果您將我們在全球金融危機時的盈虧平衡量指定為 100，我們最近將盈虧平衡量降低到 60 到 70 的範圍，這表明我們在過去 13 年在改善我們的狀況方面取得了重大進展年。這不是一蹴而就的事情。全球金融危機過後，我們不得不立即停止所有研發支出和資本投資。我們不能在未來做任何投資。

But while overcoming the numerous crisis known as the Six Hardships, such as our quality crisis, we continuously work to improve our profitability. Improved profitability was not something that Toyota was able to achieve on its own, rather it was the result of a desperate and quantitated effort with all of our stakeholders. To them, we say thank you.

但是，在克服質量危機等眾多被稱為“六難”的危機的同時，我們不斷努力提高我們的盈利能力。提高盈利能力不是豐田靠自己就能實現的，而是我們所有利益相關者拼命和量化努力的結果。對他們，我們說謝謝。

During that period, as one of Toyota's strength is having a full lineup of products globally, we shifted to an in-house company system that would allow us to provide high quality and reasonably priced vehicles at the right place in time to an even higher degree.

在此期間，豐田的強項之一是在全球範圍內擁有完整的產品陣容，我們轉向內部公司製度，使我們能夠在正確的時間和地點提供高質量和合理價格的車輛，以達到更高的程度.

Along with the in-house company system, we introduced our the global architecture or TNGA, a shared vehicle platform to improve the basic performance and product appeal of our vehicles, and enhance the reflection of regional characteristics with the aim of not being the best in the world, but the best in town. In the past, we often introduced completely new vehicle models on a one-off basis as the market grew.

在內部公司製度的同時，我們引入了我們的全球架構或TNGA，一個共享車輛平台，以提高我們車輛的基本性能和產品吸引力，增強區域特色的體現，目標是不是最好的。世界，但城裡最好的。過去，隨著市場的增長，我們經常一次性推出全新的車型。

But now we are continuously evolving our long joint best-selling cars such as the Yaris and Corolla, to keep them current so that they can go on being long-time best sellers. We believe that this has resulted in our being able to increase profitability.

但現在我們正在不斷改進我們長期聯合暢銷的汽車，例如 Yaris 和 Corolla，以保持它們的最新狀態，以便它們能夠繼續成為長期暢銷的汽車。我們相信這使我們能夠提高盈利能力。

I would like to explain the changes in our profit structure over the past 6 years since we transitioned to our in-house company system. looking at the factors behind increases and decreases in operating income, our profit has increased despite major negative factors such as foreign exchange rates, sales volume and increases in materials prices. In terms of sales, our greater than JPY 2 trillion improvement in profit is due to sales price [reductions] and a reduction in selling expenses. We believe that this is a result of our customers highly evaluating our products.

我想解釋一下自從我們過渡到內部公司製度以來，過去 6 年我們的利潤結構的變化。從營業收入增減的因素來看，儘管受到匯率、銷量、材料價格上漲等重大不利因素的影響，我們的利潤還是有所增加。在銷售方面，我們超過 2 萬億日元的利潤增長是由於銷售價格 [降低] 和銷售費用的減少。我們相信這是客戶高度評價我們產品的結果。

Also, both sales vehicle quality helped customers maintain high vehicle value, leading to improved profitability, not only in the automotive business, but also in the financial services business.

此外，銷售車輛的質量有助於客戶保持較高的車輛價值，從而提高盈利能力，不僅在汽車業務，而且在金融服務業務。

In terms of cost improvements we believe that significant improvements have been achieved by the effect of switching to new products that are based on the TNGA platform, and through the power of our production work sites including those of suppliers, which can be (inaudible) to the launch of various new products and environmental changes as well as produce high-quality product. We used to increase profit through foreign exchange rates and volume growth, but this has certainly changed over the past 6 years.

在成本改善方面，我們相信通過切換到基於 TNGA 平台的新產品的效果以及通過我們的生產工作場所（包括供應商的生產場所）的力量實現了顯著改善，這可以（聽不清）推出各種新產品和環境變化以及生產高品質的產品。我們過去通過匯率和銷量增長來增加利潤，但這在過去 6 年中肯定發生了變化。

Comparing 2015 and 2021, we have increased our market share for new car sales in 11 of the 15 major countries, including China, the United States and Japan. The graph on the right shows the by-model used car prices in the U.S. 3 years after purchase. Our RAV4 has received higher appraisal than vehicles by other manufacturers in the same segment, and it is evident that those appraisals have gotten even higher since we switched to the TNGA-based RAV4. Being able to command a high price in the used car market, protects the value of consumers' owned assets, and we believe this is building trust in our brand.

與 2015 年和 2021 年相比，我們在中國、美國和日本等 15 個主要國家中的 11 個國家的新車銷售市場份額有所增加。右圖顯示了購買後 3 年在美國的分車型二手車價格。我們的 RAV4 獲得了比同級其他製造商更高的評價，而且很明顯，自從我們切換到基於 TNGA 的 RAV4 後，這些評價變得更高了。能夠在二手車市場上獲得高價，保護消費者擁有的資產的價值，我們相信這正在建立對我們品牌的信任。

Our in-house company system best in town activities in each region, TNGA, product lineup strategies, the creation of ever-better motorsports-bred cars, and the human resource development that supports these activities as well as various in-house system reforms.

我們的內部公司係統在每個地區的城鎮活動中最好，TNGA，產品陣容戰略，創造更好的賽車運動型汽車，支持這些活動的人力資源開發以及各種內部系統改革。

As mentioned, although our performance in the fiscal year just ended, represents a situation for single fiscal year, it is the result of efforts that have been ongoing for a long time. And we would like to once again like to thank everyone involved for their support. Many customers are currently waiting for a long time for delivery of their vehicles. We would like to take this opportunity to apologize again. This concludes my explanation. Thank you.

如前所述，雖然我們在剛剛結束的財政年度的表現，是單一財政年度的情況，但這是長期努力的結果。我們要再次感謝所有相關人員的支持。許多客戶目前正在等待很長時間才能交付他們的車輛。我們想藉此機會再次道歉。我的解釋到此結束。謝謝你。

[Interpreted] From here on, we would like to open the floor for discussion Q&A. (Operator Instructions) Please ask a maximum of 2 questions, no more than 2 questions. Mr. [Fukuhi] of an Automotive Journal -- Daily Journal. We'll switch the screen and once you see yourself on the screen, please start your question. So, Mr. Fukuhi please.

[解釋] 從這裡開始，我們想開始討論問答。 （操作員說明）請最多提出 2 個問題，不超過 2 個問題。汽車雜誌-日報的[Fukuhi]先生。我們將切換屏幕，一旦您在屏幕上看到自己，請開始您的問題。所以，請福日先生。

[Interpreted] [Fukuhi] of an Automotive Daily Journal. Can you hear me?

[翻譯]汽車日報的[Fukuhi]。你能聽到我嗎？

[Interpreted] Mr. [Fukuhi] your voice is quite low. Could you once again repeat yourself?

[解釋] [Fukuhi]先生你的聲音很低。你能再重複一次嗎？

[Interpreted] Can you hear me?

[解釋] 你能聽到我說話嗎？

[Interpreted] Yes, we can.

[解釋] 是的，我們可以。

[Interpreted] First of all, with respect to the assessment of the financial results of the fiscal year just ended. The sales revenue is JPY 31 trillion, and the operating income is around JPY 3 trillion, both are record high levels. And with respect to those good financial results, how do you assess that? What is your view of that?

【解讀】首先，關於剛剛結束的財年的財務業績考核。銷售收入31萬億日元，營業收入3萬億日元左右，均創歷史新高。對於那些良好的財務業績，您如何評估？你對此有何看法？

The second question is as follows. Due to the soaring raw materials prices and cost improvement efforts, according to the information published in the period -- fiscal year ended the soaring raw materials prices were JPY 640 billion and for the current year it's already JPY 1.55 trillion. Mr. Kon has been talking about JPY 300 billion to improve operating income through cost improvement efforts.

第二個問題如下。由於原材料價格的飆升和成本改善的努力，根據本期公佈的信息——截至本財年，原材料價格飆升為6400億日元，本年度已達到1.55萬億日元。 Kon 先生一直在談論 3000 億日元，以通過改善成本來提高營業收入。

But I think the soaring raw materials prices is so high that cannot be covered by the further cost reduction. Is there any further room for cost reduction? And including Tesla, overseas manufacturers are increasing their prices. What is your approach to passing on higher raw materials cost to the final persons?

但我認為原材料價格的飆升如此之高，無法通過進一步降低成本來彌補。是否還有進一步降低成本的空間？而包括特斯拉在內的海外廠商也在漲價。您如何將較高的原材料成本轉嫁給最終人員？

[Interpreted] Thank you, Mr. [Fukuhi]. With respect to the good results or financial results of the fiscal year ending in March '22, that will be explained by Mr. Kon, EVP. The assessment of that and for the fiscal year just ended as the raw materials prices soared, what are we going to do with the cost improvement efforts. Mr. Yamamoto will respond to that. And with respect to pricing, I, Nagata, will respond to that aspect of question. So first, may I ask Mr. Kon to respond to the first aspect.

[解釋]謝謝你，[Fukuhi]先生。關於截至 22 年 3 月的財政年度的良好業績或財務業績，執行副總裁 Kon 先生將對此進行解釋。由於原材料價格飆升，對本財年的評估剛剛結束，我們將如何處理成本改善工作。山本先生將對此作出回應。關於定價，我 Nagata 將回答這方面的問題。那麼首先，請Kon 先生回答第一個方面。

[Interpreted] Thank you, Mr. [Fukuhi] for your question. With respect to our assessment of the fiscal year just ended, earlier I made additional comments in the presentation and as reflected there in the fiscal year just ended in March 2022 in terms of the financial results for the full year of that. But up until that particular moment over 13 years altogether, we made accumulated efforts, which brought down the breakeven units, and that reduced the break-even units. And that is the major driver of this financial results.

[翻譯]謝謝[Fukuhi]先生的提問。關於我們對剛剛結束的財政年度的評估，早些時候我在演示文稿中發表了額外的評論，並在 2022 年 3 月剛剛結束的財政年度中反映了該財政年度的全年財務業績。但直到 13 年多來的那個特定時刻，我們積累了努力，降低了盈虧平衡單位，減少了盈虧平衡單位。這是該財務業績的主要驅動力。

This is the financial results achieved in a single year. So if you just one year over many years that we continue to make efforts. So it depends on the economic conditions prevailing any fiscal year is reflected in those numbers, but on the foundation and basis of that is the -- not just the initiatives and activities pursued in that particular fiscal year, but the accumulated efforts for improving profit structure pursued over many years.

這是一年內取得的財務成果。所以如果你只是一年多過很多年那我們繼續努力。因此，這取決於任何財政年度的經濟狀況是否反映在這些數字中，但其基礎和基礎是 - 不僅是該特定財政年度所採取的舉措和活動，而是改善利潤結構的累積努力追了很多年。

So in that sense, the fact that we've been able to make this financial results could indicate that good results of our efforts to improve our operating structure is reflected and manifested in that. As I said, the financial results reflect the efforts of a single year.

因此，從這個意義上說，我們能夠取得這樣的財務業績這一事實可能表明，我們改善經營結構的努力取得了良好的成果，並體現在這一點上。正如我所說，財務業績反映了一年的努力。

But in terms of a production Gemba, everyday, they are engaged in production activities, which produce a certain number of units. Sometimes the line is stopped, at other times, efficiency might suffer. So in that sense, the books are closed every single day. So every effort is made to achieve a better results tomorrow than yesterday, and maybe even better results after that. And those efforts pursued over 13 years or so is reflected in the financial results.

但就生產Gemba而言，他們每天都在從事生產活動，生產一定數量的單位。有時生產線停止，有時效率可能會受到影響。所以從這個意義上說，這些書每天都是合上的。所以我們盡一切努力明天取得比昨天更好的成績，甚至可能在之後取得更好的成績。而這些超過 13 年的努力也反映在財務業績中。

We have suffered from the impact of raw materials or Omicron variant of COVID. But I think the most important factor and characteristics of this financial year was the continued and accumulated efforts over many years for improving operating structure. That's my assessment of the financial results.

我們遭受了原材料或 COVID 的 Omicron 變體的影響。但我認為這個財政年度最重要的因素和特點是多年來持續和積累的改善經營結構的努力。這是我對財務結果的評估。

[Interpreted] Thank you. With respect to cost reduction efforts. If you can refer to Slide 16, maybe. Thank you. Yes. JPY 2.4 trillion. Aiming at that, this shows that the (inaudible), it shows negative JPY 1.45 billion that is the soaring materials, and JPY 300 billion achieved through the cost reduction efforts, and also from that subtraction of JPY 1.45 trillion of soaring raw materials [prices].

[解釋] 謝謝。關於降低成本的努力。如果您可以參考幻燈片 16，也許可以。謝謝你。是的。 2.4萬億日元。針對這一點，這表明（聽不清），它顯示負 14.5 億日元，即飆升的材料，以及通過降低成本努力實現的 3000 億日元，以及減去 1.45 萬億日元的飆升原材料 [價格]。

And therefore, to continue making efforts to achieve around JPY 300 billion in cost improvement efforts manifestation is something very difficult, but what we have been continuing to do, what we'll continue to be pursued going forward.

因此，繼續努力實現約3000億日元的成本改善努力是非常困難的，但我們一直在做的事情，我們將在未來繼續追求。

And when the raw material prices are very high and soared, what sort of materials shouldn't we be using is a new aspect that we will consider. So that might represent a certain perspective from which the cost improvement efforts can be continued. So every day, probably, we can find those seas for cost improvement.

而當原材料價格非常高漲的時候，我們不應該使用什麼樣的材料是我們會考慮的一個新方面。因此，這可能代表了可以繼續進行成本改進工作的某個角度。因此，我們可能每天都能找到這些海域來提高成本。

[Interpreted] Lastly, with respect to the efforts to pass on higher costs or prices. And let me respond to that. Overall, within Toyota, one of the characteristics of material [guide] is to have the operational or lineup, both passenger cars and commercial vehicles on the global side level.

[解釋] 最後，關於轉嫁更高成本或價格的努力。讓我對此作出回應。總體而言，在豐田內部，材料[指南]的特點之一是在全球範圍內擁有乘用車和商用車的運營或陣容。

So we are operating globally on -- with the core lineup of products, and therefore, in each region, we have many different customers in different segments, and we are trying to satisfy those differing needs in a very fine-tuned manner every day. So from that perspective, the products are planned and pricing is made.

因此，我們在全球範圍內開展業務——使用核心產品陣容，因此，在每個地區，我們在不同領域都有許多不同的客戶，我們每天都在努力以非常精細的方式滿足這些不同的需求。因此，從這個角度來看，產品是計劃好的，定價是製定的。

So there are a variety of customers -- different types of customers in that because of the soaring raw material prices, sometimes there may be a segment from whom we may be able to receive a higher consideration. But at the same time, there are other segments of customers who need and who use vehicles for as means of transportation as the work vehicle.

所以有各種各樣的客戶——不同類型的客戶，因為原材料價格的飆升，有時可能會有一個細分市場我們可以得到更高的考慮。但與此同時，還有其他客戶群需要並使用車輛作為工作車輛的交通工具。

So from those customers, even if the raw materials prices soared and increased, trying to increase the prices charged to those customers would represent a very difficult thing to do. And as Kon mentioned earlier, for products we focus on regional differences and different product lines.

所以對於這些客戶來說，即使原材料價格暴漲漲漲，想要提高對這些客戶收取的價格，也是一件非常困難的事情。而正如 Kon 之前提到的，對於產品我們關注區域差異和不同的產品線。

So in each region, for each lineup of products, where can we set higher prices, or where is it very difficult to change prices, those will be closely examined before a decision is made. And that is what we keep in mind, even in the current context.

所以在每個地區，每個產品線，在哪裡可以設置更高的價格，或者在哪裡很難改變價格，這些都會在做出決定之前進行仔細檢查。這就是我們牢記在心的，即使在當前情況下也是如此。

And if I may further add, one of the characteristics of Toyota as an OEM, we have the Crown or the Corollas or Hiace, in the sense, there are so-called long-selling brands. And we have so many of those long-selling vehicles. And that's one of the characteristics of Toyota as an OEM. And those brands are really enjoying patronage of many customers (inaudible) to many segments.

再補充一點，豐田作為代工的特點之一，有皇冠，有卡羅拉，有海獅，從某種意義上說，有所謂的長銷品牌。而且我們有很多這些長期銷售的車輛。這也是豐田作為 OEM 的特點之一。這些品牌真的很享受許多客戶（聽不清）對許多細分市場的惠顧。

And therefore, for customers with respect to product strength and the pricing, they have a certain level of market level they keep in mind. So we need to satisfy those expectations, meet those customers' expectations. And therefore, even if the inflation has set in, to increase price, we'll simply cannot satisfy those customer needs and expectations.

因此，對於客戶而言，在產品實力和定價方面，他們牢記一定程度的市場水平。所以我們需要滿足那些期望，滿足那些客戶的期望。因此，即使通貨膨脹已經開始，要提高價格，我們也根本無法滿足這些客戶的需求和期望。

Including that aspect and as Mr. Yamamoto mentioned, we will continue to improve cost not on a single year basis but also over many years so that we can make customers' expectations as much as possible. That's our approach.

包括這方面，正如山本先生所說，我們將繼續改進成本，而不是一年，而是多年，以便我們盡可能地滿足客戶的期望。這就是我們的方法。

[Interpreted] Now let us move on to the next question. From Asahi, Kondo-san please. We will switch the screen. So when you see yourself on the screen, please start your question. Mr. Kondo, please.

[解釋] 現在讓我們繼續下一個問題。請來自朝日，近藤先生。我們將切換屏幕。因此，當您在屏幕上看到自己時，請開始您的問題。近藤先生，請。

[Interpreted] From Asahi Shimbun Newspaper, my name is Kondo. This question is related to the first question. The year-ended March 2022, the impact of raw material cost is much higher than the previous year. What is your perspective on the market conditions? And in the short term, the yen is weaker. So there may be impact of Forex. So can you tell us your view on that? And when we do our reporting, if you look at the supply chain -- with regards to supply chain assistant to support and distribution, what is your view? That is my first question.

[翻譯]來自朝日新聞，我叫近藤。這個問題與第一個問題有關。截至2022年3月，原材料成本的影響遠高於上年。您對市場狀況有何看法？而在短期內，日元走弱。所以可能會有外彙的影響。那麼您能告訴我們您對此的看法嗎？當我們做報告時，如果你看看供應鏈——關於支持和分銷的供應鏈助手，你的看法是什麼？這是我的第一個問題。

And the second question in relation to global production, last year, initially 9.3 million was the plan. And after that, you viewed that plan. And ultimately, you had about 8.57 million. For this year 9.7 million, which is very high. There was a shorage of semiconductors, and yet 9.7 million is the number you have. Why do you have this number? And because of [price] shortage from China, some of your production sites in Japan is going to suspend production. So what is your perspective on the risk with related to the Chinese zero-COVID policy?

第二個關於全球生產的問題，去年最初是 930 萬，是計劃。在那之後，您查看了該計劃。最終，你有大約 857 萬。今年970萬，非常高。有大量的半導體，但你擁有的數字是 970 萬。你為什麼有這個號碼？而且由於中國的[價格]短缺，你們在日本的一些生產基地將停產。那麼，您對與中國零新冠病毒政策相關的風險有何看法？

[Interpreted] Thank you very much. Your first question was about the soaring raw material prices? And second, how are we going to respond to our suppliers. That will be explained by Mr. Kon, the EVP.

[解釋] 非常感謝。您的第一個問題是原材料價格飆升？其次，我們將如何回應我們的供應商。執行副總裁 Kon 先生將對此進行解釋。

And your second question, 9.7 million for this year production. What is the basis for this, was the question. Because of the Chinese supply chain, the production is going to be suspended, and you would like to have that included in our response. So Mr. Yamamoto will respond to that second question.

還有你的第二個問題，今年的產量為 970 萬。這個問題的依據是什麼。由於中國供應鏈，生產將暫停，您希望將其包含在我們的回復中。所以山本先生將回答第二個問題。

[Interpreted] Thank you very much to Mr. Kondo. First about the raw material price, and the market conditions. JPY 1.45 trillion, as you mentioned, it is unprecedented. So JPY 640 billion last year was the highest ever impact. And this year, it's more than twice that number. So the impact was very high.

[翻譯] 非常感謝近藤先生。首先是原材料價格，以及市場行情。 1.45萬億日元，正如你所說，這是史無前例的。因此，去年的 6400 億日元是有史以來最高的影響。而今年，這個數字是這個數字的兩倍多。所以影響非常大。

With our suppliers, with regards to raw material prices, in principle, Toyota will bear the burden, that is the basic rule. And based on that, globally how much impact there will be taking into consideration the short-term market, and how much Toyota should bear the burden, that was calculated.

對於我們的供應商來說，原材料價格方面，原則上由豐田承擔，這是基本規則。並以此為基礎，在全球範圍內，考慮到短期市場會有多大的影響，豐田應該承擔多少負擔，這是計算出來的。

In the short term, the weaker yen may have a major impact you mentioned. But JPY 1.45 trillion, if you look at the breakdown, about half of that comes from global affiliates -- subsidiaries and affiliates, and the remainder comes from the Japanese business. In particular, with the weaker yen, that we don't think had a major impact on the results.

短期而言，日元貶值可能會產生您提到的重大影響。但是 1.45 萬億日元，如果你看一下細分，其中大約一半來自全球附屬公司——子公司和附屬公司，其餘來自日本業務。尤其是在日元走弱的情況下，我們認為這不會對結果產生重大影響。

JPY 1.5 trillion, the impact of raw material prices, impacts both OEMs and suppliers. And so we have to work together to respond to the situation. And we have to think together and implement the necessary measures together. As Mr. Yamamoto mentioned, the raw material prices have gone up. So the amount of raw materials used should be -- reduced to the extent possible. And when possible, we should use lower cost of material. Those are measures that have to be taken.

1.5 萬億日元，原材料價格的影響，對 OEM 和供應商都有影響。因此，我們必須共同努力應對這種情況。我們必須一起思考，一起實施必要的措施。正如山本先生所說，原材料價格上漲了。因此，應盡可能減少原材料的使用量。在可能的情況下，我們應該使用成本更低的材料。這些都是必須採取的措施。

Vehicle development and production and sales system of our company, and therefore, we have to develop more products that offer higher value to the customers rather than just simply raising the prices. We have to make further efforts as a company in product development. In a single year, JPY 1.45 trillion, that cannot totally absorbed in a single year.

我們公司的車輛開發和生產和銷售體系，因此，我們必須開發更多為客戶提供更高價值的產品，而不僅僅是提高價格。作為一家公司，我們必須在產品開發方面做出進一步的努力。一年之內，1.45萬億日元，是無法在一年內全部吸收的。

So even if it may take time, we have to take solid steps and measures so that in several years' time, we will maintain or improve our competitiveness in the market. Cost reduction of JPY 300 billion per year, will have to be achieved through SSA activities, we have to make further efforts in these areas. So we have a sense of crisis. And we do realize that we have to continue these efforts. That's all from my side.

因此，即使可能需要時間，我們也必須採取切實的步驟和措施，以便在幾年的時間內保持或提高我們在市場上的競爭力。每年3000億日元的成本削減，必須通過SSA活動來實現，我們必須在這些方面做出進一步的努力。所以我們有危機感。我們確實意識到我們必須繼續這些努力。這都是我這邊的。

[Interpreted] The second point was about the production volume. Last year, against the plan, the production volume was lower and we repeated that several times. And each -- but still, we wanted to produce each vehicle with all our efforts and passion. The people at the Gemba will all work very hard, and I would like to thank everybody for those efforts. This year's plan, 9.7 million. And I think that was the point of your question.

【解讀】第二點是關於產量的。去年，與計劃相反，產量較低，我們重複了幾次。每一個——但仍然，我們希望用我們所有的努力和熱情來生產每輛車。現場的人都會很努力的，我要感謝大家的努力。今年的計劃，970萬。我認為這就是你問題的重點。

In January, the 11 million was the unofficial plan that we announced, and that was changed to 9.7 million. Taking into consideration the situation last year, what is important is safety and quality, being productive, and continuing to produce each vehicle. We have to go back to those basics. With that thinking, we came at [this] 9.7 million. We don't know what will happen to this number in the future, but that is the approach for the next year.

1 月份，1100 萬是我們宣布的非官方計劃，後來改為 970 萬。考慮到去年的情況，重要的是安全和質量、高效並繼續生產每輛車。我們必須回到那些基礎。有了這種想法，我們得到了 [this] 970 萬。我們不知道這個數字將來會發生什麼，但這是明年的方法。

COVID-19 impact and how much semiconductors can be procured this year have been taken into consideration. We asked the people on Gemba, sudden reduction in production means they have no work, and they may be switched to other works, and there may be a replacement of people -- people changes, and they have made or gone through a lot of struggles.

已考慮到 COVID-19 的影響以及今年可以採購多少半導體。我們問Gemba的人，突然減產意味著他們沒有工作，他們可能會轉行，可能會有人的替代——人變了，他們做了或經歷了很多掙扎.

The plan -- if the plan can be conveyed to the people earlier? For example, by reducing the TAT time, the people on the Gemba can continue to work. And if they have some spare time, they can work on Kaizen activities. As Mr. Kon mentioned at the outset, a human resource like development we'll have to continue and the Gemba people have that a mentality to continue human resources development.

計劃——如果計劃可以更早地傳達給人們？例如，通過減少 TAT 時間，Gemba 上的人們可以繼續工作。如果他們有空閒時間，他們可以從事改善活動。正如Kon先生一開始就提到的，我們必須繼續像開發這樣的人力資源，而Gemba人有這種心態來繼續開發人力資源。

So that will continue to be kept in mind as we proceed with production activities.

因此，在我們進行生產活動時，我們將繼續牢記這一點。

[Interpreted] We would like to move on to the next question from [Chunichi] (inaudible).

[解釋] 我們想繼續 [Chunichi] 的下一個問題（聽不清）。

[Interpreted] (inaudible) of [Chunichi] newspaper. Can you hear me?

[中日]報紙的[解釋]（聽不清）。你能聽到我嗎？

Yes, we can.

我們可以。

[Interpreted] I have 2 questions as well. Question #1 relates to Hino Motor Corporation. And because of the misconduct with respect to exhaust gas that really lost and impaired the trust and confidence of consumers and also that really required improvement of our corporate culture and because of the stoppage of shipments, the financial well-being of the company is in question. So there are huge and [mounting] challenge over Hino. As a parent company, how TMC assesses and considers this Hino's problem.

[解釋] 我也有兩個問題。問題 #1 與日野汽車公司有關。而且由於廢氣方面的不當行為確實失去和損害了消費者的信任和信心，也確實需要改善我們的企業文化，並且由於發貨停止，公司的財務狀況受到質疑.因此，日野面臨著巨大的[安裝]挑戰。作為母公司，TMC如何評估和考慮這個日野的問題。

And going forward, because of so many challenges facing Hino, the human resources growth and financial resources, what sort of assistance and support does Toyota intends to provide to Hino?

展望未來，由於日野面臨的諸多挑戰，人力資源增長和財務資源，豐田打算向日野提供什麼樣的幫助和支持？

Second question, you talked about the product-driven management. And you also talked about the efforts for continuous improvement. I would like to ask about your future approach going forward? That's where the world has been based focused on internal combustion engines, but it is quite true that the increasingly vehicles will be battery EVs.

第二個問題，您談到了產品驅動的管理。您還談到了持續改進的努力。我想問一下你未來的方法是什麼？這就是世界一直專注於內燃機的地方，但越來越多的車輛將是電池電動汽車，這是事實。

In the case of battery EVs, probably battery costs will be about 1/2 of the overall cost. But in the age of electrification that would result in different cost structure. How do you intend to keep your cost competitiveness or competitiveness of your products, overall? These are my 2 questions.

對於電池電動汽車，電池成本可能約為總成本的 1/2。但在電氣化時代，這將導致不同的成本結構。您打算如何整體保持成本競爭力或產品競爭力？這是我的2個問題。

[Interpreted] Thank you, Mr. (inaudible). We received 2 questions. Question #1, related to Hino Motor relating to the misconduct of that. And as a parent company, how does Toyota respond to that. And Kon, that's the Vice President will respond to that question. Second question related to the product-driven management, which Kon talked about the in earlier presentation. In relation to that, in the electrification including the cost of battery EV, what will be the cost improvement difference and also how we'll address that. And Maeda EVP will respond to the second question. So Mr. Kon, please?

[解釋] 謝謝您，先生（聽不清）。我們收到了 2 個問題。問題 #1，與日野汽車的不當行為有關。作為母公司，豐田對此有何反應。 Kon，那是副總統將回答這個問題。第二個問題與產品驅動管理有關，Kon 在之前的演講中談到了這個問題。與此相關，在包括電池電動汽車成本在內的電氣化中，成本改進差異是什麼，以及我們將如何解決這個問題。前田執行副總裁將回答第二個問題。那麼康先生，好嗎？

[Interpreted] Thank you, Mr. (inaudible) for your question. With respect to the first question, that relates to the Hino Motors. Hino is an consolidated subsidiary of TMC, and Hino Motors was engaged in the misconduct relating to the exhaust gas and also fuel consumption efficiency, then customers, the dealers, the suppliers who and also the regulatory authorities who all supported Hino to date received the tremendous inconvenience because of this.

[解釋] 謝謝你，先生（聽不清）你的問題。關於第一個問題，這與日野汽車有關。日野是TMC的合併子公司，日野汽車在尾氣和油耗方面存在不當行為，迄今為止支持日野的客戶、經銷商、供應商以及監管機構都受到了巨大的影響。因此帶來不便。

And the confidence and trust they placed on Hino was completely lost. And as a parent company, I feel really sorry for that. It is indeed very regrettable what Hino did. Hino is an consolidated company engaged in the production and manufacturing of our commercial vehicles.

而他們對日野的信心和信任也完全喪失了。作為母公司，我對此感到非常抱歉。日野的所作所為確實非常遺憾。日野是一家從事商用車生產和製造的綜合公司。

And in terms of the supervisory and oversight responsibility for Hino as a parent company, we intend to support Hino and its efforts to restore the confidence of those stakeholders. And as the parent company, we intend to work with Hino to restore such confidence that I think is a role to be played by a parent company.

就日野作為母公司的監督和監督責任而言，我們打算支持日野及其為恢復這些利益相關者的信心所做的努力。作為母公司，我們打算與日野合作，恢復我認為母公司應發揮的作用的信心。

Currently, the Special Investigation Committee composed of outside experts are now investigating the root cause of this problem, and we will pay attention to the outcome of that special committee. And bearing that in mind, in terms of the governance of Hino Motors, but not limiting to that, the reform of the corporate culture, the promotion of the business, including those aspects of Hino Motors, and placing the greatest priority on the efforts to restore confidence and trust of stakeholders and customers. So we really caused this inconvenience for which we are sincerely sorry for that. That's my response to the first question.

目前，由外部專家組成的特別調查委員會正在調查這個問題的根源，我們將關注該特別委員會的結果。考慮到這一點，在日野汽車的治理方面，但不限於，企業文化的改革，業務的推廣，包括日野汽車的這些方面，並將努力放在首位恢復利益相關者和客戶的信心和信任。因此，我們確實造成了這種不便，對此我們深表歉意。這是我對第一個問題的回答。

[Interpreted] Thank you, Mr. (inaudible) with respect to the second question, allow me to respond to that aspect. In the age of electrification, how Toyota is going to keep its competitiveness? That was the question. The competitiveness, what does that mean actually? As far as we are concerned, the fact that our customers choose our product is the indication of our customers. We think that it is a customer who has the final say on the product decision, whether we can derisk our product and being chosen by the customer is the key. And I think there are various different reasons and factors based upon which the choice of decision is made by customers.

[解釋] 謝謝先生（聽不清）關於第二個問題，請允許我回答這方面的問題。電動化時代，豐田如何保持競爭力？這就是問題所在。競爭力，究竟是什麼意思？就我們而言，客戶選擇我們的產品是我們客戶的標誌。我們認為，產品的決定權在客戶身上，能否讓我們的產品脫險，是否被客戶選擇是關鍵。而且我認為有各種不同的原因和因素會根據客戶做出決定的選擇。

As Nagata mentioned, some customers will focus on affordable but high-quality. But in other segments, customers might refer to value-added aspect, which enhance their lifestyle of the enjoy, and in certain areas where the usage is that made in the adverse natural environment, the durability may be the very important factor for the choice of vehicles.

正如 Nagata 所說，一些客戶將專注於價格實惠但質量上乘。但在其他細分市場，客戶可能會參考增值方面，提高他們享受的生活方式，而在某些使用環境惡劣的地區，耐用性可能是選擇的非常重要的因素。車輛。

So as Kon mentioned in his own presentation, we will continue with those activities as a part of our efforts to improve operating structure. We had in-house company system, through that we focused on what other business we are doing on the global scene, what sort of product lineup we have, and paying attention to those different in-house companies to focus on their own lineup and made efforts to respond to the customers of those different (inaudible).

因此，正如 Kon 在他自己的演講中提到的，我們將繼續開展這些活動，作為我們改善運營結構的努力的一部分。我們有內部公司係統，通過它我們專注於我們在全球範圍內正在做的其他業務，我們擁有什麼樣的產品陣容，並關注那些不同的內部公司專注於他們自己的陣容和製造努力回應那些不同的客戶（聽不清）。

In the past, we tend to focus on the value or margin, but rather some of those in-house companies compete against other in-house companies. So the ultimate efforts will be made to deliver ever-better cars to customers, the best vehicles to customers. And if we can share with you Slide #31, this shows one of the characteristics of Toyota. In the different regions of Toyota, where the regions in which Toyota is doing business. Toyota can be on the top.

過去，我們傾向於關注價值或利潤，而是其中一些內部公司與其他內部公司競爭。因此，我們將盡最大努力為客戶提供更好的汽車，為客戶提供最好的汽車。如果我們可以與您分享幻燈片#31，這顯示了豐田的特點之一。在豐田的不同地區，即豐田在哪裡開展業務的地區。豐田可以上榜。

So it's not that our business is biased in any specific region. We talked about full lineup operation globally. In many regions, the customers in those different regions throughout the world as a B2C company, we're allowed to business. So amongst many different regions, we do receive feedback from customers in different regions. And unless we operate through best-in-town company, we won't to be able to capture those feedback.

所以這並不是說我們的業務在任何特定地區都有偏見。我們談到了全球的全陣容運作。在許多地區，在世界各地不同地區的客戶作為 B2C 公司，我們被允許開展業務。因此，在許多不同的地區，我們確實收到了來自不同地區客戶的反饋。除非我們通過鎮上最好的公司運營，否則我們將無法捕捉到這些反饋。

In the past, we tend to focus a certain areas such as services. But through those best-in-town companies, and every effort is made to receive feedback from customers. In-house company system is one effort of that and also focusing on being the best-in-town is that. So offer value customers even after the delivery of product and received feedback from customers.

過去，我們傾向於專注於服務等特定領域。但是通過那些鎮上最好的公司，我們盡一切努力接收客戶的反饋。內部公司係統是其中的一項努力，而且還專注於成為鎮上最好的公司。因此，即使在產品交付並收到客戶反饋後，也要為有價值的客戶提供服務。

And this looked the result of efforts to (inaudible) over the years to improve operating structure. And by doing so, we can develop human resources. So this effort to improve operating structure also includes as one aspect of the human resource development as well. And that results in enhanced competitiveness. And those efforts should be continued on the sustainable manner.

這看起來是多年來（聽不清）改善運營結構的努力的結果。通過這樣做，我們可以開發人力資源。因此，改善運營結構的努力也包括人力資源開發的一個方面。從而提高競爭力。這些努力應該以可持續的方式繼續下去。

For the customers to choose Toyota on the sustainable manner, we need to continue with those efforts. There is no end of our efforts for operating structure improvement. Continuous pursuit will lead to the continued customers -- choosing customers -- chosen to by the customers. And added to that would be the strength of software going forward that will represent one new element.

為了讓客戶以可持續的方式選擇豐田，我們需要繼續努力。優化經營結構的努力沒有止境。不斷的追求會導致不斷的客戶——選擇客戶——被客戶選擇。除此之外，未來軟件的力量將代表一個新元素。

So together with Woven Planet, we intend to increase our strength in this software aspect. The vehicles tend to be focused on hardware, but including software going forward, we intend to be more diversified in needs and desire of customers, and standing by the customers with different needs.

所以和Woven Planet一起，我們打算在這個軟件方面增加我們的實力。車輛傾向於專注於硬件，但包括軟件在內，我們打算在客戶的需求和願望上更加多樣化，並支持有不同需求的客戶。

We intend to enhance our competitiveness because that leads to better products and improvement of our attractiveness. And I think only way is to simply make those efforts in a (inaudible) manner.

我們打算提高我們的競爭力，因為這會帶來更好的產品和提高我們的吸引力。我認為唯一的方法就是以（聽不清）的方式簡單地做出這些努力。

[Interpreted] Now let us move on to the next question from Yomiuri, Yamamoto-san please.

[解釋] 現在讓我們繼續讀賣的下一個問題，山本先生。

[Interpreted] My name is Yamamoto from Yomiuri Shimbun, the newspaper. The first question, the forecast for this year. In the United States and Europe, the inflation in China has the zero-COVID-19, and there is a concern of recession. This year, overseas sales is expected to be [$1.5 million]. So in this environment of recession, how do you see the market developing? Now domestic production, 3 million. That was in the forecast again. For TMC, 3 million in Japan, what does it mean to Toyota?

[解釋] 我的名字是來自讀賣新聞的山本，報紙。第一個問題，今年的預測。在美國和歐洲，中國的通貨膨脹率為零，COVID-19 存在經濟衰退的擔憂。今年，海外銷售額預計為[150萬美元]。那麼在這種經濟衰退的環境下，您如何看待市場發展？現在國內生產，300萬隻。那又是在預測中。對於TMC，日本300萬，對豐田來說意味著什麼？

[Interpreted] Thank you very much to Mr. Yamamoto. The first question I want to clarify. This year, in March 2023 -- your question was about the overall market forecast?

[翻譯]非常感謝山本先生。我想澄清的第一個問題。今年，也就是 2023 年 3 月——您的問題是關於整體市場預測嗎？

[Interpreted] Yes.

[解釋] 是的。

[Interpreted]

[解釋]

Then I will answer that question. And the second question was about TMC's 3 million production in Japan. What does that mean for Toyota? I think that was your second question. And that would be answered by Mr. Yamamoto from Accounting Group.

那我就回答這個問題。第二個問題是關於TMC在日本的300萬台產量。這對豐田意味著什麼？我想這是你的第二個問題。這將由會計集團的山本先生回答。

Your first question was about the overall market conditions. This fiscal year, it's going to be even more difficult than other years to make a forecast. As Mr. Yamamoto mentioned, overall, globally, if there is any positive factor, China still has many restrictions with the zero-COVID-19 policy. But overall, recovery from COVID-19 is going to be a big positive factor.

您的第一個問題是關於整體市場狀況。本財年，做出預測將比其他年份更加困難。正如山本先生所提到的，總體而言，在全球範圍內，如果有任何積極因素，中國對 COVID-19 零零政策仍有許多限制。但總體而言，從 COVID-19 中恢復將是一個很大的積極因素。

And if you look at the negative factors, as we mentioned in our financial results announcement, the raw material prices are soaring, and inflation in various areas will have an impact on the daily lives of people. So there's inflation.

而如果你看負面因素，正如我們在財務業績公告中提到的那樣，原材料價格飆升，各個領域的通貨膨脹將對人們的日常生活產生影響。所以有通貨膨脹。

And then there is the Ukrainian factor. And that is causing a lot of concern in many areas. And next, a supply constraints of semiconductors and other parts will have -- will be a major limitation in the automobile industry. So these factors will be compounded this year.

然後是烏克蘭因素。這在許多領域引起了很多關注。接下來，半導體和其他零部件的供應限制將成為汽車行業的主要限制因素。因此，這些因素在今年將更加複雜。

And why region forecast is also very difficult. Let me give you a rough outline of what we are thinking now. China and the United States -- roughly speaking, in the year ending March 2022 -- compared to the year-end March 2022, we will see a slight improvement. And Japan and Asia, we have the positive and negative factors that I mentioned before. And if you add them together, it will be about plus/minus 0. So the market will be about the same as fiscal 2021. And the most difficult region to forecast, I think, is Europe.

而為什麼區域預測也很困難。讓我給你一個大致的輪廓，我們現在的想法。中國和美國——粗略地說，在截至 2022 年 3 月的年度——與 2022 年 3 月的年底相比，我們將看到略有改善。日本和亞洲，我們有我之前提到的積極和消極因素。如果將它們加在一起，大約為正/負 0。因此市場將與 2021 財年大致相同。我認為，最難預測的地區是歐洲。

Energy Materials, the Russian Ukraine issue will have a major impact, and that will have an impact on the economy in general. So we think the risk will outweigh opportunities. So on the European market, I think it will be below fiscal 2021. And those are the rough outlooks or forecasts for the major markets.

能源材料方面，俄羅斯烏克蘭問題將產生重大影響，這將對整體經濟產生影響。因此，我們認為風險將大於機會。因此，在歐洲市場上，我認為它將低於 2021 財年。這些是主要市場的粗略前景或預測。

But -- that is for now, but the situation in COVID-19 and the Ukrainian situation will change rapidly day-to-day. So if the assumption in the general market changes, that means achievement in the standard.

但是 - 這是目前的情況，但 COVID-19 的情況和烏克蘭的情況將每天迅速變化。因此，如果一般市場的假設發生變化，則意味著標準的實現。

So we will have to make changes to our business, so that we can see improvements in profit structure and delivery to our customers. And towards that end, we will continue to make efforts on a day-to-day basis. That is all from my side.

因此，我們將不得不對我們的業務做出改變，這樣我們才能看到利潤結構和交付給客戶的改善。為此，我們將繼續每天努力。這都是我這邊的。

[Interpreted] 3 million units production in Japan. That was the second question, I believe. And this is Yamamoto speaking. This is something I heard from another person. After the Great East Japan earthquake, in Tohoku, we set up the factory and we set up a foundation for industry, including employment. And as a result to the Japanese auto industry, which has to purchase materials from outside of Japan, and has to earn foreign currencies from outside of Japan, we have been able to make a contribution.

【解讀】日本生產300萬台。這是第二個問題，我相信。這是山本在說話。這是我從另一個人那裡聽到的。東日本大地震後，我們在東北設立了工廠，為包括就業在內的產業奠定了基礎。而對於不得不從日本境外採購材料，又要從日本境外賺取外彙的日本汽車工業，我們能夠做出貢獻。

In Japan -- we are a global company, but Japan is our home country. And we think people are supporting us in our efforts that we are doing in this country. And that's what the 3 million units means to TMC.

在日本——我們是一家全球性公司，但日本是我們的祖國。我們認為人們正在支持我們在這個國家所做的努力。這就是 300 萬台對 TMC 的意義。

[Interpreted] Let us move on to the next question from NHK, (inaudible) please.

[解釋] 請讓我們繼續 NHK 的下一個問題，（聽不清）。

[Interpreted] (inaudible) of NHK. Can you hear me?

NHK的[解釋]（聽不清）。你能聽到我嗎？

[Interpreted] Yes. I can.

[解釋] 是的。我可以。

[Interpreted] I also have 2 questions to ask. Question #1, that relates to Ukraine and Russian situation. In relation to that your business is Russia, how are you going to do with your Russian business? Currently, you suspended your operation because of the confusion in logistics. But Russian business, the outlook remains very uncertain, very difficult to read what's going to happen in the future. What's the current status? And what are you going to do with your business in Russia?

[解釋]我還有2個問題要問。問題#1，與烏克蘭和俄羅斯的局勢有關。關於您的業務是俄羅斯，您將如何處理您的俄羅斯業務？目前，由於物流混亂，你們暫停了運營。但俄羅斯業務的前景仍然非常不確定，很難預測未來會發生什麼。目前的狀態是什麼？您打算如何處理您在俄羅斯的業務？

The second question, as I mentioned in the first question, with respect to the passing the higher cost prices. In this meeting, it was mentioned that there has been unprecedented raw materials cost increase, exceeding JPY 1 trillion. And earlier, depending upon customers that you may be able to receive a higher amount of consideration for the product you offer to the customers.

第二個問題，正如我在第一個問題中提到的，關於通過較高的成本價格。在這次會議上，提到了前所未有的原材料成本上漲，超過1萬億日元。更早的時候，根據客戶的不同，您提供給客戶的產品可能會獲得更高的考慮。

Am I right in understanding that, that includes Japanese market as well? How can you pass the higher cost prices in the Japanese market? I think it's a very difficult decision to make. So here in the Japanese market, where deflationary trend still continues. How are you going to absorb the impact of the higher raw materials prices in the Japanese market?

我的理解是否正確，這也包括日本市場？日本市場較高的成本價格如何度過？我認為這是一個非常困難的決定。所以在日本市場，通縮趨勢仍在繼續。您將如何吸收日本市場原材料價格上漲的影響？

[Interpreted] Thank you, Mr. (inaudible) The first question related to the current situation in Ukraine, and what Toyota is going to do with Toyota's business in Russia. And I will respond to that question, Nagata speaking. And with respect to price, I answered the earlier question on the same line. In a very difficult deflationary trend, what we are going to do with the pricing level, was the question. So let me just respond to both of these questions.

[口譯] 謝謝先生（聽不清） 第一個問題與烏克蘭目前的情況有關，以及豐田將如何處理豐田在俄羅斯的業務。我將回答這個問題，Nagata 發言。關於價格，我在同一行回答了前面的問題。在一個非常困難的通縮趨勢中，我們將如何處理定價水平是一個問題。所以讓我來回答這兩個問題。

With respect to Toyota's business in Russia. Since february 24, and I'm sure you still remember the very vividly in terms of the visual impact of that. The Russian made invasion into Ukraine and starting from that, many precious lives have been lost due to that. And in addition to that safe livelihoods are being threatened and especially in Europe, and of course, Japan was no exception, but energy and food are becoming scarce. So that's the reality that we are confronted with.

關於豐田在俄羅斯的業務。從 2 月 24 日開始，我相信你仍然對那次的視覺衝擊記憶猶新。俄羅斯人入侵烏克蘭，並因此失去了許多寶貴的生命。此外，安全生計受到威脅，尤其是在歐洲，當然，日本也不例外，但能源和食品正變得稀缺。這就是我們面臨的現實。

And many people throughout the world together with them, we in Toyota are indeed heartbroken and seriously [worried]. We, at Toyota, believe that happiness is never born from aggression and a war caused by aggression. We sincerely hope that peace and security be restored to Ukraine and the world as soon as possible. That's an ardent desire.

和全世界的很多人一起，我們豐田確實心痛，嚴重[擔心]。在豐田，我們相信幸福永遠不會來自侵略和由侵略引起的戰爭。我們真誠地希望烏克蘭和世界盡快恢復和平與安全。那是熾熱的願望。

And furthermore, Toyota has customers who own approximately 100 million vehicles worldwide. And in addition to that, there are many stakeholders who support Toyota throughout the world, numerous stakeholders. And with respect to our business in Russia, we'll try to keep our approach of gaining the understanding and empathy of our many stakeholders and people including Russia as well. And what we will be able to do is something that we will consider to -- we will continue to consider and wrap our brains to. So that's all with respect to Russian issue.

此外，豐田在全球擁有約 1 億輛汽車的客戶。除此之外，還有許多利益相關者在全球範圍內支持豐田，眾多利益相關者。對於我們在俄羅斯的業務，我們將努力保持我們的方法，即獲得包括俄羅斯在內的許多利益相關者和人民的理解和同情。我們將能夠做的是我們會考慮的事情——我們將繼續考慮並全力以赴。這就是關於俄羅斯問題的全部內容。

With respect the prices here in Japan, which might reflect the higher cost, depending upon the conditions of a region or depending upon the people who use vehicles as an essential means for business. And in some cases, it may be easier to (inaudible) in cost and others not so. As Mr. (inaudible), here in Japan, the business confidence is very low. The business sentiment remains very stagnant, and also the disposable income of people but is very difficult and slow to increase. So in that general context, are we going to raise price or not. As mentioned earlier, within Japan and the Japanese context. In the case of vehicles, especially mini vehicles or compact vehicles, use vehicles for as an essential means of their business, the raised prices charge to those people, I think it's very difficult to do. But having said that, depending upon vehicles in different forms, there are certain vehicles on which we can charge higher prices.

關於日本的價格，這可能反映了較高的成本，這取決於地區的條件或使用車輛作為商業基本手段的人。在某些情況下，成本可能更容易（聽不清），而其他情況則不然。作為先生（聽不清），在日本這裡，商業信心非常低。商業景氣依然十分不景氣，人們的可支配收入也很難增長，而且增長緩慢。因此，在一般情況下，我們是否要提高價格。如前所述，在日本和日本語境中。就車輛而言，尤其是微型車或小型車，將車輛作為其業務的重要手段，提高價格向這些人收取費用，我認為很難做到。不過話說回來，根據不同形式的車輛，有些車輛我們可以收取更高的價格。

So in that sense, by looking at each model one by one, and we are now starting in a very detailed fine-tune manner of what would be the best approach that we can take. I hope you will understand what we have in mind in that. So in -- how Japanese customers using vehicles for their -- in this current environment, we are making efforts so that customers will be satisfied and be happy being able to buy our cars in this very difficult environment. And that's how, I believe, you understand our approach.

因此，從這個意義上說，通過逐個查看每個模型，我們現在開始以非常詳細的微調方式開始我們可以採取的最佳方法。我希望你能理解我們的想法。因此，在當前環境下——日本客戶如何使用車輛——我們正在努力讓客戶在這個非常困難的環境中能夠購買我們的汽車感到滿意和高興。我相信，您就是這樣理解我們的方法的。

[Interpreted] Now let us move on to the next question. From Wall Street Journal, Mr. Sean, please.

[解釋] 現在讓我們繼續下一個問題。請來自華爾街日報，肖恩先生。

Sean McLain from the Wall Street Journal. Can you hear me okay?

華爾街日報的肖恩麥克萊恩。你能聽到我的聲音嗎？

[Interpreted] We hear you.

[解釋] 我們聽到了。

So I have a question about rising prices as well. And I'd like to add, particularly about the U.S. market because I think it's a big source of your profits where around record highs in transaction values in the U.S. around $46,000. And what I'm wondering is Toyota at all concerned about affordability of its products, particularly in the U.S., where maybe the average person can no longer afford a new car, and what Toyota is thinking about, if anything, doing about that?

所以我也有關於價格上漲的問題。我想補充一下，特別是關於美國市場，因為我認為這是您利潤的重要來源，美國的交易價值約為 46,000 美元左右，創下歷史新高。我想知道的是，豐田完全關心其產品的可負擔性，特別是在美國，普通人可能再也買不起新車了，豐田正在考慮什麼，如果有的話，會做些什麼？

And the second question is about hybrid sales. I noticed your electrified vehicle sales have started to increase. And while I understand that, that might partly be influenced by the sort of model mix you have in the country, given production shortages. Where do you see hybrid sales going in the next year or 2? Do you think there's a lot of room to grow hybrids around the world, but particularly in the U.S.?

第二個問題是關於混合銷售。我注意到你們的電動汽車銷量已經開始增加。雖然我理解這一點，但鑑於生產短缺，這可能部分受到您在該國擁有的模型組合的影響。您認為明年或 2 年內混合動力車的銷售將走向何方？你認為在世界範圍內，尤其是在美國，混合動力車的種植空間很大嗎？

[Interpreted] Thank you very much, Mr. Sean. The first question was about the prices in the U.S. market. For Toyota customers, are we concerned about it being too high for Toyota customers, and that will be answered by Mr. Kon, EVP. The second question was that over the 1 or 2 years, do we see hybrid vehicle sales to grow globally? And if it is to grow, in which areas will that grow? And that will be answered by EVP, Mr. Maeda. Starting with Mr. Kon please.

[翻譯] 非常感謝肖恩先生。第一個問題是關於美國市場的價格。對於豐田客戶，我們是否擔心它對豐田客戶來說太高了，這將由執行副總裁 Kon 先生回答。第二個問題是，在 1 年或 2 年內，我們是否看到全球混合動力汽車銷量增長？如果要增長，它將在哪些領域增長？這將由執行副總裁 Maeda 先生回答。請從孔先生開始。

[Interpreted] So I will answer your first question. About prices in North America. As Mr. Sean mentioned, it's not just for Toyota, but for North America, overall, prices are going up. As a manufacturer, what we can do is to provide various options to customers. That is what we believe. As we mentioned before, on a global basis, we have a wide lineup -- product lineup.

[解釋] 所以我會回答你的第一個問題。關於北美的價格。正如肖恩先生所提到的，不僅僅是豐田，整個北美地區的價格都在上漲。作為製造商，我們能做的就是為客戶提供各種選擇。這就是我們所相信的。正如我們之前提到的，在全球範圍內，我們擁有廣泛的陣容——產品陣容。

In the United States, you have SUVs pickup trucks are the main lines of products. But we also have Sedans, Hatchbacks, the compact cars are also part of our lineup. And these are important products that we are offering to our customers. And we will continue to provide a wide variety of product lineup to our customers.

在美國，你擁有的SUV皮卡是主要的產品線。但我們也有轎車、掀背車，緊湊型車也是我們陣容的一部分。這些是我們為客戶提供的重要產品。我們將繼續為我們的客戶提供種類繁多的產品陣容。

And in addition to that, rather than just selling new vehicles to the customers, we also offer leasing options, like full service lease in Japan, we have Kinto, and also recently globally, we also have Kinto. So how to supply vehicles is also something we are having a wider idea or a wide broad lineup on.

除此之外，我們不僅向客戶銷售新車，還提供租賃選擇，例如在日本的全方位服務租賃，我們有 Kinto，最近在全球範圍內，我們也有 Kinto。所以如何供應車輛也是我們有更廣泛的想法或廣泛的陣容。

And when we listen to what the dealers are saying, in the past, incentives or price negotiations took place frequently. But recently, partly because inventory is low, which vehicle is in which pipeline, and which vehicle comes with which options, and what advantages those vehicles provide to the customer, these kinds of conversations take place at dealers and focusing on the product.

而當我們聽經銷商的話時，過去經常發生激勵或價格談判。但最近，部分原因是庫存低，哪輛車在哪個管道中，哪輛車有哪些選擇，以及這些車輛為客戶提供了什麼優勢，這些對話發生在經銷商處，並專注於產品。

And I think this is very good. And for the customer, more options for models, more options on how to purchase vehicles. We will provide these various options, and have the customer choose. So that is all for the first point.

我認為這非常好。而對於客戶來說，更多的車型選擇，更多的車輛購買選擇。我們將提供這些不同的選項，並讓客戶選擇。這就是第一點。

[Interpreted] And let me answer the second question. So in the future, including the United States in 1 or 2 years, will hybrid sales go up, I think that was the question. If you look back, in the United States, when fuel prices go up, hybrid vehicle sales are tended to go up in the past. So taking that history into consideration. Currently, we are seeing soaring crude oil prices, and not only in the United States, but globally, at least I think we can expect an increased trend of hybrid vehicle sales globally.

[解釋]讓我回答第二個問題。所以在未來，包括美國在內的1、2年內，混合動力車的銷量會不會上升，我認為這是個問題。回顧過去，在美國，當燃料價格上漲時，混合動力汽車的銷量往往會上升。所以考慮到這段歷史。目前，我們看到原油價格飆升，不僅在美國，而且在全球範圍內，至少我認為我們可以預期全球混合動力汽車銷量的增長趨勢。

So there is another factor behind hybrid vehicle sales going up in the United States. The latest product RAV4. In the past, hybrid vehicles tended to focus on fuel economy. But the U.S. customers, not only focus on fuel economy, but also they focus on driving comfort, including good acceleration. So the new RAV4 has strengthened that characteristic. And the RAV4 for hybrid that is currently on the market. And the plug-in hybrids are also very favorably accepted by our customers. So that is the voice we hear from the market.

因此，美國混合動力汽車銷量上升還有另一個因素。最新產品RAV4。過去，混合動力汽車傾向於關注燃油經濟性。但美國客戶不僅關注燃油經濟性，還關注駕駛舒適性，包括良好的加速性能。所以新的RAV4加強了這一特性。以及目前市場上的混合動力車 RAV4。而插電式混合動力車也很受客戶歡迎。這就是我們從市場聽到的聲音。

Alongside the best-in-town activities, we will listen to the customers' voice in the United States to strengthen our product. We do think the market will grow. And taking into consideration the environmental issue, I think we should grow sales of hybrid.

除了鎮上最好的活動外，我們還將傾聽美國客戶的聲音，以加強我們的產品。我們確實認為市場會增長。考慮到環境問題，我認為我們應該增加混合動力車的銷量。

[Interpreted] Scheduled concluding time is approaching. And therefore, I would like to ask the final question. Mr. (inaudible).

【解讀】預定結束時間臨近。因此，我想問最後一個問題。先生（聽不清）。

[Interpreted] I have 2 questions as well, if I may. My first question. This is somewhat redundant from the previous questions, but what is your view of the BEV, B-E-V? In one of the pages, you talked about the outlook of sales, the increase of 593%, close 600% increase in BEV sales.

[解釋] 如果可以的話，我也有 2 個問題。我的第一個問題。這與前面的問題相比有些多餘，但是您對 BEV，B-E-V 的看法是什麼？在其中一頁中，您談到了銷售前景，BEV 銷量增長 593%，接近 600%。

And in the past, when you had discussion with battery electric vehicles, many customers buy BEVs as the second car not the first primary car. But in terms of the recent situation and also considering the prevailing situations, they are (inaudible) Forex including those, what is your view of the demand for EVs compared to BEV? That's the first question.

而在過去，當你與純電動汽車討論時，許多客戶將 BEV 作為第二輛車而不是第一輛主車來購買。但就最近的情況以及當前的情況而言，它們是（聽不清）包括那些在內的外匯，與 BEV 相比，您對 EV 的需求有何看法？這是第一個問題。

Secondly, in the earlier response to the question, with respect to the change in the earnings structure after the global financial crisis. And in a sense, you described what has been done thus far which resulted in the current situation in terms of operating structure.

其次，在前面的回答中，關於全球金融危機後盈利結構的變化。從某種意義上說，您描述了迄今為止所做的工作，這些工作導致了運營結構方面的現狀。

So in that general context, for the current fiscal year, starting from the 1st of April, you reestablished thw introduced Executive Vice President. You have been trying to reduce the number of Directors or Executives, and try to accelerate the decision-making speed. That's what we've been thinking about.

因此，在一般情況下，在本財政年度，從 4 月 1 日開始，您重新任命了執行副總裁。您一直在努力減少董事或高管的數量，並努力加快決策速度。這就是我們一直在思考的問題。

So what is the objective of restoring the position of Executive Vice President? What is the view? And how do this management is going to evolve and transform going forward, especially starting in the current fiscal year? Those are my 2 questions.

那麼恢復執行副總裁職位的目的是什麼？觀點是什麼？管理層將如何發展和轉型，尤其是從本財年開始？這是我的兩個問題。

[Interpreted] Thank you, (inaudible) The first question relates to the market of battery EV, what sort of change is foreseen? And Maeda, EVP will respond to the question. The second question related to the new executive lineup, which restored the position of the Executive Vice President. And so what is the objective of that in the current fiscal year? And what sort of change or transformation in the management structure is considered, was the second question. Kon will respond to that as Executive Vice President. Mr. Maeda, please?

[解釋] 謝謝，（聽不清）第一個問題與電動汽車市場有關，預計會發生什麼樣的變化？執行副總裁 Maeda 將回答這個問題。第二個問題涉及到新的行政陣容，恢復了執行副總裁的位置。那麼本財年的目標是什麼？第二個問題是考慮對管理結構進行什麼樣的改變或轉變。 Kon 將作為執行副總裁對此作出回應。請問前田先生好嗎？

[Interpreted] Thank you, Mr. (inaudible) for your question. In terms of the market trend of battery EV, that was a question according to my understanding. What I feel most, and most important is that vis-a-vis the battery electric vehicles, the development in relation to that has been accelerating the market. That relates to the fact that there is a broader product lineup in various OEMs. And also there are a greater number of options available in battery EVs, that's one aspect.

[解釋] 謝謝你，先生（聽不清）你的問題。就純電動汽車的市場趨勢而言，這是我理解的一個問題。我覺得最重要，也是最重要的是，相對於電池電動汽車，與之相關的發展一直在加速市場。這與各種 OEM 擁有更廣泛的產品陣容這一事實有關。而且電池電動汽車還有更多的選擇，這是一方面。

And also in the United States, there has been tightening trend for regulations that cannot be disregarded. Globally speaking such a very tough and rigorous regulation established was done, for the first in the United States, the United States is leading in that trend. And not just Toyota but for other OEMs in the automotive industry, that is one factor accelerating various efforts by OEMs. This is a core greenhouse gas regulation. So those regulations and also the market trend has been strengthening, more than we had expected in the past.

而且在美國，也出現了不可忽視的監管趨緊趨勢。在全球範圍內，建立瞭如此嚴格的法規，這是美國的第一個，美國在這一趨勢中處於領先地位。不僅是豐田，汽車行業的其他 OEM 也是如此，這是加速 OEM 做出各種努力的因素之一。這是一項核心溫室氣體法規。因此，這些法規以及市場趨勢一直在加強，超出了我們過去的預期。

As far as Toyota is -- and you talked about RC and bZ, it's we are yet to start receiving orders. But looking at the input in the market and general discussion in the market on those, there seems to be a heightened expectations for those models. And therefore, looking at the input or reaction of customers in the market and also different reactions of different regions of the global or worldwide, and those regulatory trends and therefore, the battery electric vehicles will get accelerated.

就豐田而言——你談到了 RC 和 bZ，我們還沒有開始收到訂單。但從市場的投入和市場對這些的普遍討論來看，似乎對這些模型有更高的期望。因此，看看市場上客戶的輸入或反應，以及全球或全球不同地區的不同反應，以及這些監管趨勢，電池電動汽車將得到加速。

I think there are greater factors that lead us to think in that way, but at the same time, there are concerning factors as well as was mentioned in the presentation. Soaring market material prices tend to become more manifest and more seriously in the case of the BEVs. As I've mentioned in the presentation, the higher cost of materials of battery does have a huge impact in the overall cost structure.

我認為有更大的因素導致我們以這種方式思考，但與此同時，也有一些令人擔憂的因素，正如演講中提到的那樣。在 BEV 的情況下，飆升的市場材料價格往往變得更加明顯和更加嚴重。正如我在演講中提到的，電池材料成本較高確實對整體成本結構產生了巨大影響。

We talked about the possibility of reflecting cost and prices, but we have to take a good balance. And also in different regions, different sort of subsidies maybe considered for those vehicles. And therefore, currently, [they] tend to be more generous for those environmental vehicles, but customers are very sensitive to those development.

我們談到了反映成本和價格的可能性，但我們必須保持良好的平衡。而且在不同的地區，可能會考慮為這些車輛提供不同類型的補貼。因此，目前，[他們]往往對那些環保車輛更加慷慨，但客戶對這些發展非常敏感。

So we tend to take a very conservative approach in responding to that. So that's my response to your first question.

因此，我們傾向於採取非常保守的方法來回應這一問題。這就是我對你的第一個問題的回答。

[Interpreted] Thank you. With respect to your second question. In terms of the current executive lineup was the focus of your question. Since the global financial crisis, the lineup of executive officers and the system of our senior advisers to the Board, which was eliminated and also with respect to the members of the Board, we have a (inaudible) in the past. But currently, internally, TMC only 6, including the outside Board members, including them, 9. So the Board has been downsized substantially and that's not the only change.

[解釋] 謝謝。關於你的第二個問題。就目前的高管陣容而言，是您提問的重點。自全球金融危機以來，執行官的陣容和我們的董事會高級顧問系統被淘汰，而且對於董事會成員，我們過去有一個（聽不清）。但目前，在內部，TMC 只有 6 名，包括外部董事會成員在內，包括他們在內，有 9 名。所以董事會已經大幅縮減，這不是唯一的變化。

For the purpose of sharing the information using IT tools used for meetings and CEOs scattered throughout the world and Toyota located in Japan, including them. We have weekly meetings so that information can be shared thoroughly and quite swiftly.

使用用於會議的 IT 工具和分佈在世界各地的 CEO 和位於日本的豐田（包括他們）共享信息。我們每週舉行一次會議，以便可以徹底而迅速地共享信息。

So [13] years ago, this is something unthinkable and unmeasurable. And this sort of change has been actually implemented and achieved.

所以 [13] 年前，這是無法想像和無法衡量的。而這種改變已經實際實施並實現了。

Starting in April of this year, you talked about the position of Executive Vice President to be restored. And I think there are very significant impacts. Looking at myself, and what I personally consider is that as Toyoda as President says, often we live in the world where there is no right answer known to all of us. And in that world full of uncertainty, how can we manage and steer Toyota going forward?

從今年4月開始，您談到要恢復執行副總裁的職位。我認為有非常重大的影響。看看我自己，我個人認為，正如豐田章男所說，我們經常生活在一個沒有我們所有人都知道的正確答案的世界裡。在那個充滿不確定性的世界裡，我們如何管理和引導豐田前進？

As far as TMC is concerned, if we can discover a problem, TMC does have an ability to find solutions to those problems, which was demonstrated in the past. I think Toyota is a company that has ability to find solution to various challenges or problems that will be faced with diversifying society, characterized by a variety of a problem. Nobody knows what's going to happen going forward. So in that general context, our ability to find and discover problem becomes very important.

就TMC而言，如果我們能發現問題，TMC確實有能力為這些問題找到解決方案，這在過去已經得到證明。我認為豐田是一家有能力解決多樣化社會所面臨的各種挑戰或問題的公司，其特點是各種問題。沒有人知道未來會發生什麼。因此，在一般情況下，我們發現和發現問題的能力變得非常重要。

In the past, Toyoda as our President, was the only person trying to find and discover problems in many cases. But with the 3 Executive Vice Presidents working together with our President, are trying to discover the problems in the world in which there is no right answer as we'll try to take and the measures because there is no right answer. No, we may not be able to find the right solution right away. But by disovering those problems, we'll just implement the various potential countermeasures. And that I think is what we're aiming at. So with that aim in mind, we'll pursue the world going forward, and I hope you will continue to support us as we make those efforts going forward. That's all from me.

過去，豐田社長作為我們的總裁，在很多情況下都是唯一一個試圖發現和發現問題的人。但是，在三位執行副總裁與我們的總裁一起工作的情況下，正試圖發現世界上沒有正確答案的問題，因為我們將嘗試採取措施，以及因為沒有正確答案而採取的措施。不，我們可能無法立即找到正確的解決方案。但是通過發現這些問題，我們將實施各種潛在的對策。我認為這就是我們的目標。因此，牢記這一目標，我們將追求世界前進，我希望您在我們繼續努力的過程中繼續支持我們。這都是我的。

[Interpreted] With this, we complete the financial results press briefing. Thank you very much for listening despite your busy schedules today. Thank you.

[解釋] 至此，我們完成了財務業績新聞發布會。儘管您今天的日程很忙，但非常感謝您的聆聽。謝謝你。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本成績單上的英文陳述由現場通話中的一名口譯員說出。]